ACC 201 GBC Amount at Which Machine Should Be Recorded as An Asset in Books Worksheet – Assignment Help

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Help me study for my Accounting class. I’m stuck and don’t understand.

Using the Excel file provided below as a starting point, or by creating your own Excel file, complete the following problem, and submit your assignment as an attachment here. Be sure to save your work before you submit, and present your work in a reasonable format with major answers highlighted. Because you have plenty of time to do this assignment, and given that the textbook is available for your use, this assignment should really be close to perfect.

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Here is the problem:

Colt Company purchased a machine for use in it operations that had an invoice price of $70,000, excluding sales tax. A 6% sales tax was levied on the sale. Terms were net 30. the company paid a total cost of $4,600 for hauling the machine from the dealer’s warehouse to the company’s plant Company, and this $4,600 included a fine of $600 for failure of a careless employee to secure the proper permits to use city streets in transporting the machine. In delivering the machine to its plant, a Colt employee recklessly damaged the truck that was used, and it cost $3,000 to repair the truck. The machine itself was also recklessly damaged as a result of the flagrantly misguided actions of the employee, with repair costs amounting to $900. Colt incurred installation costs of $27,000 that included the $3,000 cost of shoring up the floor under the machine. Testing costs amounted to $2,100. Safety guards were installed on the machine at a cost of $450, and the machine was placed in operation.

Required: Prepare a schedule showing the amount at which the machine should be recorded as an asset in Colt’s books.

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Here is a very rough document that you might use to get you started on this assignment. Please feel free to modify it to the extent necessary to complete this assignment. In doing so, please change the name of the file to include your name before submitting it.


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